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Department seminar by Arthur Charpentier, Université du Québec à MontréalExport this event to calendar

Friday, November 15, 2019 — 10:30 AM EST

Insurance Pricing in a Competitive Market


Insurance is usually defined as "the contribution of the many to the misfortune of the few". This idea of pooling risks together using the law of large number legitimates the use of the expected value as actuarial "fair" premium. In the context of heterogeneous risks, nevertheless, it is possible to legitimate price segmentation based on observable characteristics. But in the context of "Big Data", intensive segmentation can be observed, with a much wider range of offered premium, on a given portfolio. In this talk, we will briefly get back on economical, actuarial and philosophical approaches of insurance pricing, trying to link a fair unique premium on a given population and a highly segmented one. We will then get back on recent experiments (so-called "actuarial pricing game") organized since 2015, where (real) actuaries were playing in competitive (artificial) market, that mimic real insurance market. We will get back on conclusions obtained on two editions, the first one, and the most recent one, where a dynamic version of the game was launched.

Location 
M3 - Mathematics 3
Room: 3127
200 University Avenue West

Waterloo, ON N2L 3G1
Canada

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